Samsung Electronics experienced an extraordinary surge in operating profit by 932.8% in the first quarter of 2023, reaching 71.92 trillion Korean won in revenue. This remarkable growth was mainly fueled by the rebound of memory chip prices, driven by optimism surrounding AI applications.
Samsung's financial performance surpassed the estimates of the London Stock Exchange Group, with revenue increasing by 12.81% year-over-year and operating profit skyrocketing. Analysts anticipate Samsung to provide a positive outlook on the memory market, emphasizing its readiness for the AI era and expecting another price hike on memory chips in the second quarter due to the AI boom and the Taiwan earthquake's temporary impact on production at TSMC and Micron.